Explanation:

- Cancellation: If a negotiable instrument is intentionally cancelled by the holder, it can discharge the parties from liability as it nullifies the instrument.

- Payment: Once the amount specified in the negotiable instrument is paid in full, the parties involved are discharged from any further liability.

- Release: If the holder of the instrument voluntarily releases the obligor from liability, it extinguishes obligations under the instrument.

- All of the above: Each of the options above can lead to the discharge of parties from liability in relation to a negotiable instrument.